On Tuesday, October 3, Sen. Elizabeth Warren demanded that Timothy Sloan, CEO of Wells Fargo (NYSE:$WFC), be removed from his position. Why? Warren argued that Sloan was part of a culture that pushed Wells Fargo to create millions of fake accounts for customers without their knowledge.
Warren made the demands during testimony Sloan gave in front of the Senate banking committee Tuesday.
“At best you were incompetent, at worst you were complicit,” Warren said during a heated exchange between the two. “Either way, you should be fired.”
Aside from Warren, there were a number of other senators who questioned how Wells Fargo could have allowed the sales scandal to get so out of hand. As a point of reference, there were as many as 3.5 million accounts involved.
Sloan said he believes the bank was attempting to restore its reputation, but Warren and other members of the committee were not impressed. “Wells Fargo needs to start over, and that won’t happen until the bank rids itself of people like you who led it into this crisis,” Warren said.
During the meeting, Sloan defended his role at Wells Fargo and avoided questions over why he had not acted sooner and instead focused on the steps he was taking at present.
“I’m not afraid to make hard decisions when it’s needed and I have the support of 270,000 people,” he said, referring to Wells Fargo’s employees. “That’s why I think I’m the right person.”
“Are you kidding?” Warren responded.
Featured Image: twitter
